XRPUSD unable to break through key resistance level
Ripple/US Dollar Index (XRPUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
XRPUSD finished Sunday at 0.2793 edging lower $0.0004 (-0.14%). Trading $0.0043 higher after the open, XRP was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XRPUSD as at Nov 10, 2019):
Sunday's trading range has been $0.0075 (2.68%), that's below the last trading month's daily average range of $0.0167. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XRPUSD.
Two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Bearish Spinning Top which are both known as bearish patterns. The last time a Bearish Spinning Top showed up on October 26th, XRPUSD actually gained 1.43% on the following trading day.
Unable to break through the key technical resistance level at 0.2817 (R1), XRP/USD closed below it after spiking up to 0.2844 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 0.2706 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for XRP/USD. Out of 83 times, XRPUSD closed lower 55.42% of the time on the next trading day after the market condition occurred.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more